SG Americas Securities LLC Trims Stock Position in Tencent Music Entertainment Group (NYSE:TME)

SG Americas Securities LLC lessened its holdings in shares of Tencent Music Entertainment Group (NYSE:TME) by 38.4% in the 4th quarter, HoldingsChannel reports. The firm owned 69,054 shares of the company’s stock after selling 43,051 shares during the quarter. SG Americas Securities LLC’s holdings in Tencent Music Entertainment Group were worth $784,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in TME. Wilmington Savings Fund Society FSB purchased a new position in shares of Tencent Music Entertainment Group during the third quarter worth $64,000. Avior Wealth Management LLC raised its holdings in shares of Tencent Music Entertainment Group by 253.8% during the third quarter. Avior Wealth Management LLC now owns 5,675 shares of the company’s stock worth $68,000 after purchasing an additional 4,071 shares during the last quarter. Caprock Group LLC acquired a new stake in Tencent Music Entertainment Group during the third quarter valued at $147,000. Diversify Advisory Services LLC acquired a new stake in Tencent Music Entertainment Group during the third quarter valued at $166,000. Finally, DRW Securities LLC acquired a new stake in Tencent Music Entertainment Group during the third quarter valued at $169,000. Hedge funds and other institutional investors own 24.32% of the company’s stock.

Tencent Music Entertainment Group Stock Down 1.1 %

Shares of NYSE TME opened at $11.65 on Thursday. The company’s 50-day simple moving average is $11.49 and its 200-day simple moving average is $11.71. Tencent Music Entertainment Group has a 52-week low of $8.88 and a 52-week high of $15.77. The firm has a market cap of $19.99 billion, a price-to-earnings ratio of 21.57, a price-to-earnings-growth ratio of 0.67 and a beta of 0.69. The company has a quick ratio of 2.34, a current ratio of 2.34 and a debt-to-equity ratio of 0.09.

Analyst Ratings Changes

TME has been the topic of several analyst reports. Morgan Stanley upgraded shares of Tencent Music Entertainment Group from an “equal weight” rating to an “overweight” rating and set a $13.00 price target on the stock in a research report on Tuesday, January 21st. Sanford C. Bernstein initiated coverage on shares of Tencent Music Entertainment Group in a research report on Monday, November 4th. They set an “outperform” rating and a $14.00 price target on the stock. Finally, Barclays initiated coverage on shares of Tencent Music Entertainment Group in a research report on Wednesday, November 6th. They set an “overweight” rating and a $16.00 price target on the stock. Three research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, Tencent Music Entertainment Group has a consensus rating of “Moderate Buy” and a consensus target price of $13.54.

About Tencent Music Entertainment Group

Tencent Music Entertainment Group operates online music entertainment platforms to provide music streaming, online karaoke, and live streaming services in the People's Republic of China. It offers QQ Music, Kugou Music, and Kuwo Music that enable users to discover music in personalized ways; long-form audio content, including audiobooks, podcasts and talk shows, as well as music-oriented video content comprising music videos, live performances, and short videos; and WeSing, which enables users to sing along from its library of karaoke songs and share their performances in audio or video formats with friends.